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The most expensive property on sale this summer

The views from the R200m super luxury villa in Clifton are good …
20 Nettleton Road, Clifton. Image: Seeff Property Group

Located at 20 Nettleton Road in Clifton, Cape Town, is the most expensive home on sale this summer. 

While its listing says “price on application”, the seller is apparently expecting R200 million. This is according to Jo Lombard, luxury market specialist at Seeff Atlantic Seaboard properties.

The property is in a desirable location. Image: Seeff Property Group

The most expensive apartment sold in Clifton to date went for R198 million in 2012, while the most expensive property on Nettleton Road achieved a price of R120 million in 2017, says Ross Levin, MD of Seeff Atlantic Seaboard and City Bowl. 

Lombard says this street now has an average asking price of R150-200 million and the current listing is sited on a 1 481m² plot, one of the widest on the road. 

Properties of this calibre do not become available often, he says, adding that this one has, in the main, attracted the attention of foreign buyers although some high-profile potential local buyers have also shown interest. 

So far, the most expensive property to change ownership in Clifton this year was sold for R30 million.

Luxury property woes

Sales volumes and prices have seen a considerable decline in the luxury market compared to 2019, according to Seeff Properties.

Super luxury sales, which is defined as sales above R20 million, amounted to R590.3 million collectively across the Atlantic Seaboard for 2020. In contrast, says Levin, this figure reached just under R865.6 million in 2019.

A shot of the interior. Image: Seeff Property Group

In terms of volume, 2019 saw 27 sales compared to the 18 concluded thus far this year.

Luxury sales (above R10 million) have also taken a hit across the Atlantic Seaboard.

Although 76 such sales have been recorded so far in 2020, compared to 79 in 2019, the combined value has dropped by approximately R300 million this year. 

The busiest price band in luxury areas is for houses below R10 million in Fresnaye and Bantry Bay, according to Lombard.

In Bantry Bay, 17 sales have been recorded this year amounting to just over R72.4 million for this price band. This is an increase from 2019’s figures which only logged 10 sales, amounting to just under R47 million. Total sales for houses over R10 million in Bantry Bay increased by over R90 million this year, says Levin.

Fresnaye saw 16 sales this year for houses under R10 million. Unlike Bantry Bay, Fresnaye has not been able to outperform 2019 this far as sales in this band are around R34.3 million lower than the previous year. 

A slow year

“It has been a slow year for the luxury market, but we are expecting [that] things will start improving soon,” says Lombard. 

This can in part be attributed to the pandemic, he maintains, which has affected foreign investment into luxury property. 

“Many of our investors are foreign investors in the luxury market. And as a result of restrictions on travel a lot of the foreign investors couldn’t make it into South Africa this year, and that has impacted the ability to view properties and to buy them,” he explains.

Top sales recorded on Nettleton Road

Source: Ross Levin

Notable sales in Clifton over the past few years

Source: Ross Levin

* Michael Brown is a Moneyweb intern.

COMMENTS   16

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There are better places than Clifton. No, seriously!

If you have travelled the world, u would have really seen better!

I agree Nettleton Drive houses have two very busy roads in front of them – so smell fuel and hearing engine noises – – – NO THANKS.

Travel SA and further – and find much better places without the hype.

Cape is beautiful – pity about the people

The yearly R&T is probably equivalent to the price of an average home

Not for me thank you!

My little comfy townhouse at the coast has the same view of the ocean if not better at a 100th of the price.

Only difference is my toilet isn’t gold plated but i do wake up to the sound of the ocean

Gold plated or not the end result is still the same…..

If I’d have the same money than the Clifton’ites, I’d rather prefer a mountain/vineyard view of Franschhoek, Stellenbosch/Paarl situated within a golf estate. Greens within you can move about.

Instead of scraping the Ferrari’s front spoiler every time you pull out of your Atlantic Seaboard dwelling, why not drive down the wine/golf estate’s tree-lined grandeur entrance…

(Most Atlantic Seaboard super-wealthy, typically also own inland wine/golf estate properties…..but if it was my ONLY CHOICE…go Franschhoek. Or just Hermanus.

In this day and age, properties and prices like this are obscene……nice for SARS but I’m pretty sure that the seller and buyer of something like this will have the tax angle covered and will get away without having a tax penalty…..sis!

The water?
The wind?
The exhaust fumes?
The people?
That tiny little beach?

No sir, the start of the wild coast a place called Chintsa East is the pace to be.

My cheap house here also has a toilet just like the R200 million house there has and as mentioned the end result is just the same.☢

…and don’t degrade a picturesque Molteno landscape as if it’s less beautiful than the Atlantic Seaboard. East Cape has its own beauty draw card.

You should see it now …rolling green grass, fat livestock all suckling young, lucerne waving in the wind ready to cut and bale. They are cutting now to bale from Sunday onwards.

I’m as green with envy…to be quite honest 🙁

But, on the other hand, not going to hold anything against the super-wealthy….this country needs plenty more super-wealthy, that can create business (’cause we all demand ‘jobs’) and can contribute to the country’s Income Tax.

Have heard many times people quoting “Death is unfair”…in the sense that death would come to a younger person in his/her prime, or a wealthy person that passes before enjoying much retirement.

But I beg to differ:
Death is the (only) fair thing….as everyone’s end is the same.
Rather, it is “life that is unfair”. Not death.

Good Evening Micheal, love reading you comments!!!

Would love to meet you, working daily in klerksdorp…

Definitely the kind if place I’m going to get when I sell my MTI bitcoins….

All that money for a view of Robben Island lol!!! Egos a fragile in Ctwn

Fantastic to see such magnificent homes! South Africa is a blessed place and may it bring lots of happiness to the old and new owners!

Probably the best value for money in Cape Town is Simon’s Town with really magnificent views, much nicer residents and far cleaner air coming off the South Atlantic. Uncrowded and with great quirky shopping in Noordhoek, Scarborough and perfect swimming in much warmer water.

If it’s foreigners throwing money into SA, then by all means.

But I can only shake my head and chuckle at the local idiots who spent that money on these overrated houses.

End of comments.

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